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Making use of EU-SILC longitudinal data, I investigate the persistence and dynamics of energy poverty in Portugal as measured by the ability to keep the home warm. I estimate a dynamic random effects probit model and find state dependencies of 15.2% in energy poverty. A household’s income, employment status, educational degree, and tenure status are found to be important predictors of energy poverty. I apply a multinomial logit model and find poverty duration states to highly depend on a household’s region of residence. Using a discrete time hazard model, I identify trigger events but find no significant effects. Key words: EU-SILC, Energy poverty, Fuel poverty, Dynamic random effects probit, Multinomial logit, Hazard model.

Sustainability is an unavoidable subject of the 21st century, and research has gone into understanding financial advantages companies may have from being more sustainable. This research paper explores the link between environmental, social and governance (ESG) ratings of European firms and their cost of debt capital – a relationship hypothesised to be negative. With multiple regression analysis, including controls for firm characteristics, year and sector fixed effects, this dissertation identifies a possible concave quadratic relationship. Regressed variables are lagged one period in relation to the dependent variable, to address endogeneity issues. In the general sample, the relationship between the variables is positive, but by subdividing the sample into quintiles of the ESG rating distribution, a negative relationship is found in top quintiles while the positive relationship is still seen in lower quintiles. The conclusion of this dissertation is threefold: (1) the top 20% ESG performers have a statistically lower average and median cost of debt than the bottom ones, meaning the firms that have the top ESG ratings are better off in the debt markets; (2) on average, higher quintiles of the ESG rating see a negative relationship with the cost of debt; and (3) the coefficients of the ESG rating squared are all significant, thus confirming a significant concave relationship between the ESG rating and the cost of debt. The results, arguably economically modest, reveal an added benefit for companies that operate sustainably, besides ethical reasons or the other financial benefits identified by previous literature. A sustentabilidade é um tema inevitável do século XXI, e vários estudos já exploraram os benefícios económicos de práticas sustentáveis. Esta dissertação explora a relação entre a avaliação de fatores ambientais, sociais e de governança (ESG) de empresas europeias e o seu custo da dívida – uma relação que se supõe ser negativa. Ao usar análise de regressão múltipla, incluindo parâmetros de controlo de características da empresa, de ano e sector económico, esta dissertação identifica uma relação possivelmente quadrática côncava. As variáveis preditivas são desfasadas de um período, para corrigir eventuais problemas de endogeneidade. Na amostra global, verifica-se uma relação positiva entre as variáveis, mas, ao subdividir a amostra em quintis da distribuição da avaliação ESG, verifica-se uma relação negativa nos quintis superiores. Três conclusões decorrem desta dissertação: (1) as empresas no top 20% de avaliação ESG têm um custo da dívida médio e mediano estatisticamente inferiores ao dos 20% inferiores; (2) em média, os quintis superiores mostram uma relação negativa entre o custo da dívida e a avaliação ESG; e (3) os coeficientes da avaliação ESG ao quadrado são todos significativos, confirmando uma relação quadrática côncava significativa entre o custo da dívida e a avaliação ESG. Estes resultados, apesar de economicamente modestos, revelam uma vantagem adicional para as empresas que operam de maneira sustentável, além de razões éticas ou outros benefícios económicos previamente estudados.

From global efficiency to local self-sufficiency -The challenges & developments of globalization on the food industry dynamics. The food industry presents a growing fragmented market which are adapting to consumer shifts and continuously changing industry dynamics -to be resilient and relevant. The industry contains of supply chain actors both contributing to ecological and social challenges, including food waste, climate change and health diseases. Conscious consumer shifts drive the development towards self-sufficiency, with players taking actions both in formal organizational commitments and in terms of the marketing P ́s: unique sustainable products, home-delivery, reusable plastic and organic production.

Dissertação de Mestrado em Energia para a Sustentabilidade apresentada à Faculdade de Ciências e Tecnologia O setor de energia é fundamental para o desenvolvimento sustentável. Manter os níveis de atividade econômica enquanto reduz-se o consumo de eletricidade é um dos principais desafios a ser superado.Neste contexto, a intensidade elétrica é um indicador chave na avaliação da eficiência econômica por ser uma medida da produção da economia relacionada à eletricidade demandada. No entanto, a análise simplista do índice de intensidade elétrica não é muito reveladora, uma vez que os desvios neste índice são resultado de mudanças nos seus diferentes componentes. Desta forma, o objetivo desta dissertação é abordar detalhadamente a influência destes componentes, decompondo o indicador de intensidade elétrica na União Europeia.Complementando o método logarithmic mean Divisia index (LMDI) introduzido por Ang (2015), é proposta uma atualização que decompõe o componente de intensidade e adiciona um novo elemento à metodologia de decomposição. Consequentemente, os componentes da intensidade elétrica são três: estrutura, eficiência e eletrificação. Este aprimoramento, inovador de acordo com o nosso conhecimento, é fundamental para distinguir a real influência do componente de eficiência dos outros elementos, considerando que as metas de eficiência energética têm se tornado mais rigorosas e precisam ser perfeitamente mensuradas.Os resultados da decomposição atualizada demonstraram que o impacto causado pelo componente de eficiência foi, na verdade, maior do que aparentava. Se houvesse apenas melhorias de eficiência energética e, simultaneamente, nenhuma mudança na estrutura econômica e na taxa de eletrificação, o índice de intensidade elétrica teria diminuído 48,64% entre 1995 e 2017, valor 8,75% maior ao que realmente ocorreu.O fator estrutural apresentou menor influência na intensidade elétrica, embora o setor de serviços tenha aumentado a sua participação em 5,12% e a estrutura econômica da UE tenha mudado. Adicionalmente, o componente de eletrificação contribuiu para aumentar o indicador de intensidade, já que o consumo de eletricidade cresceu a taxa superior à produção econômica.Por fim, uma análise particionada demonstrou que a redução na intensidade elétrica foi causada exclusivamente por melhorias de eficiência no ciclo 2012-2017, sugerindo evidências positivas a respeito do sucesso das medidas de eficiência energética na UE. The energy sector is fundamental for sustainable development. Maintaining high levels of economic activity while reducing electricity consumption is still one of the main challenges to overcome.In this context, electricity intensity is a key indicator in assessing the economic efficiency because it is a measure of the economy output related to the electricity demanded. However, a simplistic analysis of the electricity intensity index does not reveal much, since the deviations in this indicator are the result of changes in its different components. Therefore, the objective of this dissertation is to address these components influence in detail, decomposing the electricity intensity indicator in European Union.Complementing the logarithmic mean Divisia index (LMDI) method introduced by Ang (2015), an upgrade is proposed, by breaking down the intensity component and adding a new element to the decomposition methodology. Consequently, the components of the electricity intensity are three: structure, efficiency and electrification. This enhancing feature, innovative to the best of our knowledge, is fundamental in distinguishing the real influence of the efficiency component from other elements, considering that energy efficiency goals are becoming more stringent and have to be perfectly measured.Results from the upgraded decomposition demonstrated that the impact caused by the efficiency component was, in fact, greater than it appeared. If there had been merely improvements in energy efficiency, and simultaneously no changes neither in the economic structure, nor in the electrification rate, the electricity intensity index would have decreased 48.64% from 1995 to 2017, a result 8.75% greater than what actually occurred.The structural factor displayed minor influence in electricity intensity, even though the service sector increased its shared by 5.12% and the economic activity profile of EU has changed. Additionally, the electrification component contributed to increase the intensity indicator, since the electricity consumption has grown at a higher rate than the economy output.Finally, a partitioned analysis demonstrated that the reduction in electricity intensity was solely caused by efficiency improvements in the 2012-2017 cycle, suggesting positive evidence regarding the success of energy efficiency measures in the EU.

ABSTRACT: This book is an output of the ERASMUS+ KATCH_e project. KATCH_e stands for “Knowledge Alliance on Product-Service Development towards Circular Economy and Sustainability in Higher Education”. This was a 3-year project (2017-2019), aiming to address the challenge of reinforcing skills and competences in Higher Education and within the business community, in the field of product-service development for the circular economy and sustainability, with a particular focus on the construction and furniture sectors. info:eu-repo/semantics/publishedVersion

Overall, amongst the most mentioned factors for Greenhouse Gases (GHG) growth are the economic growth and the energy demand growth. To assess the determinants GHG emissions, this thesis proposed and developed a new analysis which links the emissions intensity to its main driving factors. In the first essay, we used the 'complete decomposition' technique to examine CO2 emissions intensity and its components, considering 36 economic sectors and the 1996-2009 periods in Portugal. The industry (in particular 5 industrial sectors) is contributing largely to the effects of variation of CO2 emissions intensity. We concluded, among others, the emissions intensity reacts more significantly to shocks in the weight of fossil fuels in total energy consumption compared to shocks in other variables. In the second essay, we conducted an analysis for 16 industrial sectors (Group A) and for the group of the 5 most polluting manufacturing sectors (Group B) based on the convergence examination for emissions intensity and its main drivers, as well as on an econometric analysis. We concluded that there is sigma convergence for all the effects with exception to the fossil fuel intensity, while gamma convergence was verified for all the effects, with exception of CO2 emissions by fossil fuel and fossil fuel intensity in Group B. From the econometric approach we concluded that the considered variables have a significant importance in explaining CO2 emissions and CO2 emissions intensity. In the third essay, the Tourism Industry in Portugal over 1996-2009 period was examined, specifically two groups of subsectors that affect the impacts on CO2 emissions intensity. The generalized variance decomposition and the impulse response functions pointed to sectors that affect tourism more directly, i. e. a bidirectional causality between the intensity of emissions and energy intensity. The effect of intensity of emissions is positive on energy intensity, and the effect of energy intensity on emissions intensity is negative. The percentage of fossil fuels used reacts positively to the economic structure and to carbon intensity, i. e., the more the economic importance of the sector, the more it uses fossil fuels, and when it raises its carbon intensity, in the future the use of fossil fuel may rise. On the other hand, positive shocks on energy intensity tend to reduce the percentage of fossil fuels used. In fourth essay, we conducted an analysis to identify the effects that contribute to the intensity of GHG emissions (EI) in agriculture as well as their development. With that aim, we used the 'complete decomposition' technique in the 1995-2008 periods, for a set of European countries. It is shown that the use of Nitrogen per cultivated area is an important factor of emissions and in those countries where labour productivity increases (the inverse of average labour productivity in agriculture decreases), emissions intensity tends to decrease. These results imply that the way to reduce emissions in agriculture would be to provide better training of agricultural workers to increase their productivity, which would lead to a less need for energy and use of Nitrogen. The purpose of the last essay is to examine the long and short-run causality of the share of renewable sources on the environmental relation CO2 per KWh electricity generation- real GDP for 20 European countries over the 2001-2010 periods. It is important to analyze how the percentage of renewable energy used for electricity production affects the relationship between economic growth and emissions from this sector. The study of these relationships is important from the point of view of environmental and energy policy as it gives us information on the costs in terms of economic growth, on the application of restrictive levels of emissions and also on the effects of the policies concerning the use of renewable energy in the electricity sector (see for instance European Commission Directive 2001/77/EC, [4]). For that purpose, in this study we use Cointegration Analysis on the set of cross-country panel data between CO2 emissions from electricity generation (CO2 kWh), economic growth (GDP) and the share of renewable energy for 20 European countries. We estimated the long–run equilibrium to validate the EKC with a new approach specification. Additionally, we have implemented the Innovative Accounting Approach (IAA) that includes Forecast Error Variance Decomposition and Impulse Response Functions (IRFs), applied to those variables. This can allow us, for example, to know (i) how CO2 kWh responds to an impulse in GDP and (ii) how CO2 kWh responds to an impulse in the share of renewable sources. The contributions of this thesis to the energy-related CO2 emissions at sectorial level are threefold: First, it provides a new econometric decomposition approach for analysing and developing CO2 emissions in collaboration with science societies that can serve as a starting point for future research approaches. Second, it presents a hybrid energy-economy mathematic and econometric model which relates CO2 emissions in Portugal based on economic theory. Third, it contributes to explain the change of CO2 emissions in important economic sectors in Europe, in particular in Portugal, taking normative considerations into account more openly and explicitly, with political implications at energy-environment level within the European commitment. De uma forma geral, entre os fatores mais apontados para o crescimento das emissões de Gases de Efeito de Estufa (GEE), estão o crescimento económico e o crescimento das necessidades energéticas. Para identificar os determinantes das emissões de GEE, esta dissertação propôs e desenvolveu uma nova análise que liga a intensidade das emissões aos seus principais responsáveis. No primeiro ensaio, foi utilizada a técnica da ‘decomposição total’ para examinar a intensidade das emissões de CO2 e os seus componentes, considerando 36 setores económicos e o período entre 1996-2009 em Portugal. A indústria (em particular cinco setores industriais) contribui fortemente para os efeitos da variação da intensidade de CO2. Conclui-se, entre outros, que a intensidade das emissões reage mais significativamente a choques no peso dos combustíveis fósseis no consumo total da energia, comparativamente a choques em outras variáveis. No segundo ensaio, conduziu-se uma análise para 16 sectores industriais (Grupo A) e para o grupo dos cinco setores industriais mais poluentes (Grupo B), baseada no estudo da convergência para a intensidade das emissões e para os seus principais determinantes, bem como numa análise econométrica. Concluiu-se que existe convergência sigma para todos os efeitos, à exceção da intensidade dos combustíveis fósseis, enquanto a convergência gama se verificou para todos os efeitos com a exceção das emissões de CO2 por combustível fóssil e intensidade de combustível fóssil, no Grupo B. A partir da abordagem econométrica, concluiu-se que as variáveis consideradas têm uma importância significativa na explicação da intensidade das emissões de CO2. No terceiro ensaio foi analisada a indústria do turismo em Portugal durante o período de 1996-2009, em particular para dois grupos de subsetores que afetam a intensidade das emissões de CO2. A decomposição generalizada de variância e as funções de impulso-resposta apontaram uma causalidade bidirecional entre intensidade de emissões e intensidade de energia para setores que afetam o turismo mais diretamente. O efeito da intensidade de emissões é positivo na intensidade da energia e o efeito da intensidade da energia na intensidade das emissões é negativo. A percentagem de combustíveis fósseis utilizados reage positivamente à estrutura económica e à intensidade do carbono, isto é, quando um setor ganha importância económica, tende a usar mais combustível fóssil e quando aumenta a intensidade do carbono, no futuro, o uso de combustíveis fósseis pode aumentar. Por outro lado, choques positivos na intensidade de energia tendem a reduzir a percentagem de combustíveis fósseis utilizados. O objectivo do quarto ensaio é identificar os efeitos que contribuem para a intensidade dos gases de estufa na agricultura, bem como a sua evolução, Para isso, utilizou-se a técnica de ‘decomposição total’ no período 1995-2008 para um grupo de países europeus. Ficou demonstrado que o uso de nitrogénio por área cultivada é um fator importante nas emissões e naqueles países cuja produtividade do trabalho aumenta, a intensidade das emissões tende a aumentar. O resultado implica que o caminho para reduzir as emissões na agricultura pode passar por uma melhor formação dos trabalhadores ligados à agricultura para melhorar a sua produtividade, o que pode conduzir a uma menor necessidade e uso de nitrogénio. O objectivo do último ensaio é examinar a causalidade de longo e curto prazo da quota de fontes renováveis na relação ambiental entre o desenvolvimento económico (PIB) e as emissões de CO2 por KWh de eletricidade produzida num conjunto de 20 países Europeus no período de 2001-2010. Esta nova abordagem sugere que a quota de fontes renováveis na produção de eletricidade é um determinante importante para explicar as diferenças na relação Rendimento-emissões de CO2 por Kwh nos países Europeus e que as evidências empíricas suportam a relação ambiental da curva de Kuznets. As contribuições desta dissertação para os assuntos relacionados com as emissões de CO2 a um nível setorial são as seguintes: primeiro, oferece uma nova abordagem econométrica da decomposição para analisar a evolução das emissões de CO2 que pode servir como um ponto de partida para futuras investigações. Segundo, apresenta uma abordagem híbrida, juntando a matemática e a economia de energia e um modelo econométrico para relacionar as emissões de CO2 na Europa e, em particular, em Portugal com base em teorias económicas. Terceiro, contribui para explicar as mudanças nas emissões de CO2 em setores económicos importantes para Portugal, conjugando considerações normativas aberta e explicitamente, com implicações políticas no comprometimento europeu, ao nível energético-ambiental. Doutoramento em Sistemas Energéticos e Alterações Climáticas

Despite the vast research on the link between corporate social responsibility (CSR) and financial performance (CFP), little is known about long-term implications. The overall research consensus points toward a positive relationship taking a short-term perspective. However, this study argues that CSR activities require time until the company can reap benefits from their social and environmental involvement. Moreover, this work sheds light on this link by including innovation activities as a mediator. It argues that companies can utilize the full potential of CSR by complementary investments in both CSR and innovation. A CSR score for the period from 2006 to 2011 with data provided by KLD was calculated. Additionally, data from Compustat was used to create short-term (2012) and long-term (2013-2015) financial performance indicator, as well as, an innovation activity indicator. The sample consists of 297 U.S. publicly traded firms. The results provide evidence that CSR takes effect in the long-term but not in the short-term. On the other hand, innovation improves financial performance in the short- and long-term. Another outcome from the study shows that there exists a sequential relationship between CSR, innovation and CFP. It implies that CSR should be considered an integral part of strategy development since it pays off financially in the long-run. Innovation may be an important driver in the development of specific skills and capabilities which helps to translate positive social and environmental performance into superior financial performance. In the future, companies are advised to invest in mutual value creation with stakeholders, stressing the importance of its stakeholders and society at large. By creating mutual value, companies are allowed to satisfy societal needs while exploiting business opportunities.

This study aims to investigate the effects of renewable energy consumption on economic growth of major renewable energy consuming countries across the globe. It is used the Renewable Energy Country Attractiveness Index developed by Ernst & Young Global Limited, and were chosen 31 top renewable energy consuming countries to explain the growth process between 1990 and 2019. Panel estimation techniques are employed to cope with heterogeneity between countries and cointegration between variables. The results confirm the existence of long-run dynamics between traditional and energy inputs to economic growth. The findings from the average country indicate that renewable energy consumption has a significative and positive impact on economic output. It was also carried out a analysis of long-run output elasticities for each country. The findings confirm the growth hypothesis for 14 out of 31 countries, suggesting that, in most of these economies, governments, policy advisers, energy planners and associated bodies should promote investments in renewable energy sources. Este estudo tem como objetivo investigar os efeitos do consumo de energia renovável no crescimento económico dos principais países consumidores de energia renovável em todo o mundo. É utilizado o Renewable Energy Country Attractiveness Index desenvolvido pela Ernst & Young Global Limited, e foram escolhidos os 31 principais países consumidores de energia renovável para explicar o processo de crescimento entre 1990 e 2019. Empregam-se técnicas de estimação em painel para lidar com a heterogeneidade entre os países e a cointegração das variáveis. Os resultados confirmam a existência de uma dinâmica de longo prazo entre inputs tradicionais e energéticos e crescimento econômico. Os resultados para o país médio indicam que o consumo de energia renovável tem um impacto significativo e positivo na produção económica. Também foi realizada uma análise das elasticidades do produto de longo prazo para cada país e confirma-se a hipótese de crescimento para 14 dos 31 países, sugerindo que, na maioria destas economias, governos, conselheiros políticos, planeadores de energia e órgãos associados devem promover investimentos em fontes de energia renovável.

The world has endured consistent change, and, in recent decades, these changes have progressed increasingly faster due to information and communication technologies. However, even with all available resources, the inequality remains deep; for example, the wealth of the 80 richest people in the world is greater than the 50% of the world population in total (more than 3.5 billion people). Furthermore, hundreds of millions around the globe suffer from hunger and undernourishment. In the case of agriculture, despite the remarkable gains in yield and productive capacity, food insecurity is still pervasive in many regions due to the lack of access to food, wars, ruptures in value chains, bad governance, etc. Nowadays, climate change is a leading agricultural threat for both developed and developing countries and is essential to promoting and developing sustainable agricultural value chains. These agricultural value chains, which promote and protect natural resources, are also adequate for sustainable development insofar as they are inclusive and protect the poor and less favoured smallholders by offering them solutions at the social, economic, and environmental levels. In this context, value chain analysis has been primarily used in policy development by Non-Governmental Organizations (NGOs), international organisations and governments, because the economic progress of less favoured smallholders depends, at least partially, on putting them in the global market. However, the sustainability and specificity of each value chain must be considered and framed according to Sustainable Development Goals (SDGs). Moreover, in São Tomé and Príncipe (STP), due to some specific conditions (e.g., dimension, insularity and poverty), the promotion of value chains is even more dependent on foreign aid. In the case of the pepper value chain, the formal and informal producers are very similar in terms of types of production systems. However, at least financially, the formal sector is more stable and protected than the informal sector. Thus, this study has five chapters: • Chapter 1 is a general introduction and bibliographic review, research framework (methodology and data) and country overview; • Chapter 2 presents the first published paper, “Value Chains Analysis, an Overview and Context for Development”, with an overview of value chain concepts, linkage with the agricultural sector, its recent performance in development policies and the analysis of three methodologies of values chains, including the “value chain analysis for development (VCA4D)”; • Chapter 3 presents the second published paper, “Organic Pepper (Piper nigrum L.) Value Chain in São Tomé e Príncipe, Under Value Chain Analysis for Development methodology Perspective”; • Chapter 4 presents the third paper, “Small Organic Farming: Evidence from Pepper (Piper nigrum L.) Value Chain in São Tomé e Príncipe”, where data collected through surveys and interviews allowed for the comparison of formal and informal pepper producers at the productive, social and economic levels; • Finally, the fifth chapter forwards solutions for some identified problems, provides considerations for future work and offers a general conclusion. This research suggests that the strategy based on the export of high-quality products through value chains’ development is adequate. Nevertheless, despite some weaknesses, this chain can help reach sustainable development. The public-private partnership, which also includes international organisations, was, until now, responsible for establishing this value chain. Therefore, in the ambit of this partnership, it is essential to find mechanisms to consolidate this value chain; for example, the empowerment of smallholders and the creation of more business networks, especially if production continues its growing trend. As the lack of linkage of smallholders to the market is one of the primary bottlenecks of the value chain, one of the more important suggestions of this work is the establishment of a digital platform (Fela, see Chapter 5) to link smallholders directly to final consumers.

Over the centuries there has been a growing trend of societies and it is possible to verify their economic growth. This growth has provided an increased pressure on natural resources, often over-reaching the boundaries of each country, which has called into question the level of environmental sustainability in different countries. Sustainability is understood as a complex concept involving ecological, social, economic dimensions and temporal urban processes. Therefore, Firmino (2009) suggests that the ecological footprint (EF) allows people to establish dependency relations between human activities and the natural resources required for such activities and for the absorption of waste generated. According to Bergh & Verbruggen (1999) the EF is an objective, impartial and one-dimensional indicator that enables people to assess the sustainability. The Superior Schools have a crucial role in building the vision of a sustainable future as a reality, because in transmitting values and environmental principles to his students, are providing that they, in exercising his professional activity, make decisions weighing the environmental values. This ensures improved quality of life. The present study aims to determine the level of environmental sustainability of the Academic Community of Lisbon College of Health Technology (ESTeSL), by calculating the EF, and describe whether a relation between Footprint and various socio-demographic characteristics of the subjects.